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...one of the high points of the semester, if you’re a teacher of introductory macroeconomics, comes when you explain how individual virtue can be public vice, how attempts by consumers to do the right thing by saving more can leave everyone worse off. The point is that if consumers cut their spending, and nothing else takes the place of that spending, the economy will slide into a recession, reducing everyone’s income.
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Well it just has to be done. We can't keep spending at the ridiculous standard that has been set in recent years. A lot of people are going to lose their jobs in the process, but the economy needs to kind of reset.
And by the way Alex, is there a discount for ordering 3 whole years of ASS magazine?
